Perhaps no sector is more sensitive than the financial services industry. The data and financial resources protected by these institutions are incredibly vital, often the lifeblood of individual consumers and major businesses alike.
It should be no surprise that banks and other financial entities are major targets of cybercrime. While cybersecurity protections are often the focus today, it’s important to note that physical security must be prioritized as well.
In a new piece for Fast Company, Matt Tengwall, Senior Vice President & Global GM, Fraud and Security Solutions at Verint, outlines why it’s important that robust physical security defenses are put in place.
He points to the fact that banks and credit unions are experiencing substantial growth, which — while a positive development — attract unsavory security threats. By having strong security, banking institutions encourage confidence among consumers and business partners alike.
“The emergence of advanced digital technologies, growing bigger each day, offers a two-fold opportunity. On one hand, it facilitates easier system integration. Networked video surveillance platforms, for instance, can integrate with various digital systems, providing a unified security solution,” Tengwall writes. “On the other hand, the very reliance on these digital solutions necessitates fortified physical security to protect the hardware that drives them.”
While rapid digitization sometimes overshadows physical security programs, Tengwall explains that threats to actual buildings and banks are very real today.
“In a digital age, the nexus between the physical and the digital is more intertwined than ever,” he adds. “A breach into a data center, for instance, can jeopardize millions of records, translating into massive digital disruptions.”
Fintech solutions have become the key go-to innovative solutions for banks, but Tengwall rightly states they are supported by physical hardware. Examples include servers, data centers, and networking equipment. This physical infrastructure supporting digital products are all firmly targets for bad actors.
“Protecting these vital assets, which play an important role in maintaining client trust, is as crucial as securing the digital data they hold,” he explains. “So, while digital transformations offer unparalleled opportunities, they also necessitate a renewed focus on the age-old principles of physical security. Banks must recognize and act on this dual mandate to truly secure their future and that of their clients.”
It’s true, the digital age is here and there is no turning back.
New technology has made banking more efficient and accessible than ever. While embracing modern tech solutions is key for 21st century business, physical security can’t be left in the rearview. Instead, it must be prioritized and made central to any modern security policy.